Key Energy Services in new ME venture
Houston (US), March 8, 2010
Key Energy Services, a leading provider of onshore well service rigs in the world, has joined hands with Abu Dhabi-based AlMansoori Specialized Engineering, to set up its new venture in the Middle East.
The new JV, AlMansoori-Key Energy Services, will be headquartered in Abu Dhabi and provide well intervention services in the Mena region, the company said in a statement.
Texas-based Key and AlMansoori Specialized Engineering will each initially contribute capital as projects are identified and secured. The results of the venture will be consolidated by Key, said a top official.
Dick Alario, Key's chairman, president, and CEO, commented, "For several years, we have sought to establish an effective presence in the burgeoning Middle East market and, thus, we are excited to form this partnership with AlMansoori."
"We believe that our expertise in well intervention and our ability to mobilize reliable, fit-for-purpose equipment, together with AlMansoori's regional infrastructure and customer relationships will allow the venture to grow with the opportunities developing in the region."
"AlMansoori's CEO Nabil AlAlawi, is a veteran of the oilfield service industry, and under his leadership AlMansoori has grown to be one of the most respected providers of services in the Middle East," he added.
Established in 1977, AlMansoori is a leading regional provider of oilfield services in the Middle East. They are the region's largest provider of mechanical wireline services and specialize in well testing, wireline deployed completion services, and pipe and tubular inspection services.
Additionally, AlMansoori provides a wide variety of other oilfield products and services through its subsidiaries and other joint ventures.
"This is a great partner, a strong marketplace, and we believe that it's the right time to move into the region and provide Key's world-class services to local producers," Alario added.
Key Energy Services provides a complete range of well services, including rig-based well maintenance, workover, well completion and recompletion services, fluid management services, pressure pumping services, fishing and rental services, wireline services and ancillary oilfield services.
It has operations in all major onshore oil and gas producing regions of the continental US and internationally in Argentina, Mexico and Russia. Additionally, Key has a technology development group based in Canada and ownership interests in two oilfield services companies in Canada.-TradeArabia News Service